USDA 100% Financing in Wilmington NC | Real Estate

Current list of homes in Wilmington NC here.

There is still USDA 100% financing money available on certain homes in the area. This is a possible Scenario –

$100000.00 Purchase Price

2% Guarantee Fee ($2000.00) added to the purchase price equals a financed amount of $102000.00

If the interest rate were 3.875% (APR 4.12%) the principal and interest would be $479.64

***then add the monthly amount of .03% which in this example would be $30.60***

The payment is $510.24 before taxes and insurance

Click Here for a partial list of USDA homes in New Hanover County –

USDA is still an amazing loan and this monthly fee should not discourage buyers from using this program because this is most often the most economical way to purchase a home.

Kristina McLeod

New American Mortgage

USDA Quick Guidelines

· 100% Financing on a low 30 year fixed rate
· No PMI
· 2% Guarantee Fee (Ex. Purchase price $100000.00 +2%=$102000.00)
· Monthly .03% USDA fee (Ex. $100000.00 at .03% =$30.60 per month)
· Borrower cannot own any other properties.
· 640 credit score minimum
· Up to 6% seller concession allowed
· Borrower must meet income restrictions per county. Use $73050.00 for New Hanover and Brunswick. If your income is close to that figure don’t assume they don’t qualify. There are a few exceptions to the rule.
· Try to avoid in ground swimming pools. These can be done on a case by case basis.
· Home must be located in a certain area. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
This is the place to look to see if the property is eligible. As a general rule, in New Hanover County you would look north of Gordon Rd. and South of Monkey Junction. Almost all of Brunswick county is USDA eligible.To search all homes in Wilmington NC please visit http://www.cbbaker.com

For a quick list of some of the USDA homes in the area – let us know your wants in a home and neighborhood and we can email you a list of available homes asap.

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One Response

  1. Reblogged this on Wilmington NC real estate and commented:

    Rates just went down, now is the time to buy a home.

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